Residential Property Insurance

ACV vs RCV

Policies pay different amounts to fix or replace property, home, or personal things. Usually, you have to pay part of the cost yourself. That amount is called the deductible. After that, how much money you get from the insurance company depends on whether you have “replacement cost” (RCV) or “actual cash value” (ACV).

*⃣Most companies pay you only part of the RCV first. You will have to prove that you fixed your home, or replaced or fixed personal things before you get the rest of the money.